SAN BERNARDINO, Calif. (Nov. 16, 2011) –The San Bernardino Valley Enterprise Zone (SBVEZ) announced today the businesses utilizing the zone have filed more than 3,000 hiring tax credit vouchers in 2011. SBVEZ officials estimate that another 500 vouchers will be filed during the next seven weeks.
“More local businesses are employing workers that qualify for the credit, which is a good sign for many unemployed residents that have not been able to get a job because they have difficulty obtaining employment,” said Wendy Clements, SBVEZ zone manager.
Last year, approximately 2,300 vouchers were filed by 182 businesses. This year 200 businesses have already taken advantage of the incentive.
The hiring tax credit is the most commonly used program incentive, which grants employers a tax deduction on their state income tax for each qualified worker they employ. Workers that qualify for the credit are those that (1) were hired after January 2006, (2) work in the zone area, and (3) face challenges to employment such as long periods of joblessness, lack of skills and education, and having a disability or criminal history.
In order to claim the tax credit, a business must file a voucher certificate with an SBVEZ agent for each worker.
About the San Bernardino Valley Enterprise Zone
The San Bernardino Valley Enterprise Zone is an Enterprise Zone established by the California Department of Housing and Community Development to encourage investment, growth, development and job creation in economically distressed areas of the county. The zone covers approximately 42 square miles and includes areas of Colton, San Bernardino and unincorporated portions of San Bernardino County. The Enterprise Zone is a joint effort between the Inland Valley Development Agency, City of Colton, City of San Bernardino, and the County of San Bernardino. For more information, visit www.SBVEZ.com, or email wclemetns@sbrda.org